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Actividentity Corp (1183941) SEC Filing 10-Q Quarterly report for the period ending Wednesday, March 31, 2010

Actividentity Corp

CIK: 1183941

Exhibit 99.1

 

 

ACTIVIDENTITY REPORTS SECOND QUARTER FISCAL 2010

FINANCIAL RESULTS

 

FREMONT, Calif., May 6, 2010

ActivIdentity Corporation (NASDAQ: ACTI), a global leader in credential management and strong authentication, reported revenue for the quarter ended March 31, 2010, of $14.2 million, compared to $16.1 million for the quarter ended March 31, 2009, and $14.7 million for the quarter ended December 31, 2009.

 

ActivIdentity’s net loss for the quarter ended March 31, 2010, was ($4.0) million, or ($0.08) per basic and diluted share, compared to a net loss of ($2.8) million, or ($0.06) per basic and diluted share for the three months ended March 31, 2009.  Net loss for the quarter ended March 31, 2010, was negatively impacted by $0.6 million in foreign exchange losses and $0.5 million write-down of auction rate securities.

 

ActivIdentity’s operating loss was ($3.0) million for the quarter ended March 31, 2010 compared to an operating loss of ($1.7) million for the quarter ended March 31, 2009, and ($2.9) million for the quarter ended December 31, 2009.  Adjusted EBITDA was ($1.0) million for the quarter ended March 31, 2010, a decrease of $1.7 million compared to the quarter ending March 31, 2009, and an increase of $0.2 million compared to the quarter ending December 31, 2009. General and administrative expenses in the quarter ending March 31, 2010 included significant legal expenses related to intellectual property litigation.  Adjusted EBITDA is a Non-GAAP measure and is defined as Operating Income (Loss) adjusted for non-recurring and non-cash items such as stock-based compensation expense, depreciation, amortization of intangibles, severance and asset impairments.

 

“The economic climate remains challenging and our financial results for the first two fiscal quarters reflect the softer demand that we experienced in certain markets for some of our products.  We have managed our expenses exceptionally well and we believe that our fiscal 2010 will show an increase in profitability and modest growth in revenue compared to fiscal 2009,” said Grant Evans, chief executive officer and chairman of ActivIdentity.  “We believe that the security and compliance market will outpace the total I.T. market growth rate over time.  Our focus has been on improving our operations and sales execution and we are confident that we will see gradual improvement.”

 

Financial Highlights

GAAP RESULTS

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

Mar. 31

 

Dec. 31

 

Mar. 31

 

Mar. 31

 

Mar. 31

 

(In Millions, except Per Share Data)

 

2010

 

2009

 

2009

 

2010

 

2009

 

Revenues

 

$

14.2

 

$

14.7

 

$

16.1

 

$

28.9

 

$

32.4

 

Net Loss

 

$

(4.0

)

$

(0.3

)

$

(2.8

)

$

(4.3

)

$

(7.4

)

Loss Per Share - Basic

 

$

(0.08

)

$

(0.01

)

$

(0.06

)

$

(0.09

)

$

(0.16

)

Loss Per Share - Diluted

 

$

(0.08

)

$

(0.01

)

$

(0.06

)

$

(0.09

)

$

(0.16

)

 

 

 

 

 

 

 

 

 

 

 

 

NON-GAAP RESULTS

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

(1.0

)

$

(1.2

)

$

0.7

 

$

(2.2

)

$

0.9

 

 

1


The following information was filed by Actividentity Corp on Thursday, May 6, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 1183941
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-10-027252
Submitted to the SEC: Mon May 10 2010 4:02:21 PM EST
Accepted by the SEC: Mon May 10 2010
Period: Wednesday, March 31, 2010
Industry: Prepackaged Software

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